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timmins gold corp (TMM) Details

Timmins Gold Corp., through its subsidiaries, engages in the acquisition, exploration, development, and operation of mineral resource properties in Mexico. It primarily explores for gold. The company owns and operates San Francisco Property, which includes the San Francisco open pit gold mine and the associated La Chicharra open pit gold mine in the state of Sonora, Mexico with approximately 200,000 hectares of exploration claims in and around the mines. It also owns 100% in the Caballo Blanco project containing 13 mineral concessions with approximately 23,694 hectares in Veracruz State, Mexico. The company also holds 100% interests in TIM Claims in the region of Mazapil-Concepcion del Oro; and Patricia, Norma, El Picacho, El Durazno, La Mexicana, and La Pima properties located in the state of Sonora. Timmins Gold Corp. was incorporated in 2005 and is headquartered in Vancouver, Canada.

timmins gold corp (TMM) Key Developments

Timmins Gold Corp. announced that the company has commenced drifting into the underground veins parallel to the south wall of the San Francisco pit. The drift is part of a pilot phase designed to test the mining and processing of the underground ore in preparation for full scale underground mining. The pilot phase will involve drifting 90 meters into the south wall of the pit to access the veins followed by 200 meters of lateral drifting to extract 14,000 tonnes of ore. The pilot phase will allow the company to test ground conditions, mining costs, grade and metallurgical recovery of the underground ore. Additionally, the pilot phase will provide efficient platforms for further underground infill and exploration drilling. Previous drilling by Timmins Gold in 2011 below the planned pit bottom identified high grade structures as deep as 800 m from surface below the north wall of the pit. These results support the theory of the company's geological team that the presently identified mineralized system may extend to greater depths. This is consistent in mesothermal systems, which have significant depth extent, and have the potential to yield high grade feeder systems at depth. Timmins Gold plans to process ore recovered from the pilot phase through selective fine crushing and heap leaching. The effect of crush size and heap leach parameters on the metallurgical recovery of the underground ore is being investigated. Timmins Gold estimates the pilot phase will take 3-4 months to complete. There is
no net cost budgeted for the pilot phase as the cost for the program is expected to be more than recouped by revenue derived from recovery of the gold contained in the bulk sample. A highly experienced Mexican underground mining contractor has been selected to carry out the underground operations.

Timmins Gold Corp. Appoints Mark Backens to its Board of Directors

May 26 15

Timmins Gold Corp. and Newstrike Capital Inc. announced the completion of the previously announced plan of arrangement pursuant to which Timmins Gold has acquired ownership of all of the issued and outstanding common shares of Newstrike, being 116,786,781 shares. Newstrike is now a wholly-owned subsidiary of Timmins Gold. In connection with the closing of the arrangement, Timmins Gold increased the size of its board of directors to nine, with Mark Backens, a former director of Newstrike being appointed to the Timmins Gold board of directors.

Timmins Gold Corp. Announces Unaudited Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for 2015

May 5 15

Timmins Gold Corp. announced unaudited consolidated earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported metal revenues of $29,492,000 against $47,050,000 a year ago. Earnings from mine operations were $2,694,000 against $15,535,000 a year ago. Loss from operations was $222,000 against profit from operations of $12,861,000 a year ago. Loss before income taxes was $107,000 against profit before income taxes of $12,763,000 a year ago. Loss and total comprehensive loss for the period was $710,000 against profit of $8,105,000 a year ago. Diluted loss per share was $0.00 against EPS of $0.05 a year ago. Cash flows provided by operating activities was $7,500,000 against $12,259,000 a year ago. Expenditures on mineral properties, plant and equipment, exploration and evaluation were $8,656,000 against $9,874,000 a year ago.
The company produced 24,155 ounces of gold and sold 24,155 ounces of gold, compared to 35,413 and 36,763, respectively, during first quarter of 2014. The change from prior year is due to a decrease in overall production due to a decrease in processing grade partially offset by increased daily crushing throughput. The company also pre-sold 2,800 gold ounces for April 2015 delivery, which generated $3.5 million in cash held at March 31, 2015. Produced 15,309 ounces of silver sold against 26,647 ounces a year ago.
The company’s immediate strategy is to produce between 115,000 and 125,000 gold ounces annually and to achieve cash cost guidance of approximately $800 to $850 per gold ounce.

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